Blockchain technology refers to a chain where data is stored in the form of blocks. It acts as the backbone of cryptocurrencies such as Bitcoin. It keeps a record of all the transactions executed on the platform in the form of an open and distributed ledger that is tamper-proof.
Blockchain can be used for a plethora of activities such as identity management, processing of transactions and maintenance of records.
Blockchain can be used for a plethora of activities such as identity management, processing of transactions and maintenance of records.
Applications of blockchain technology
The various applications of Blockchain technology across different sectors
Real Estate - It eliminates the role of middlemen while transferring property from one party to another. This reduces the legal and title-related costs enabling faster settlement. The transaction is quickly executed on the distributed ledger ensuring high transparency and better security. It helps in dealing with the massive amounts of data and reducing the paperwork involved in the various processes.
Healthcare - Blockchain software development is making a huge impact in the medical industry by helping in faster diagnosis, quick transfer of information, and better management of patient records by using private keys.
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